Deductions

  • Tax Deductions vs. Tax Credits

    couple looking at billsBoth tax deductions and credits help reduce your income tax liability but in different ways and for different reasons.

  • 5 Things You Didnít Know Were Tax Deductions

    woman happily writingYou might have tax deductions hiding in babysitter payments and those extra supplies you bought for the classroom last year.

  • Get Educated on the Student Loan Interest Deduction

    graduate Many students and their parents find it necessary to take out student loans to help pay for the escalating costs of a college education. If you’re among them, you may be eligible for a full or partial deduction of up to $2,500 in interest paid on these loans, reports the Michigan Association of CPAs. The amount you may deduct depends on a number of factors, including your modified adjusted gross income (MAGI).

  • Tuition and Fees Deduction

    studentThose facing skyrocketing college tuition bills will want to learn as much as possible about how the tuition and fee deduction can lower their tax bills.